A legal status imposed by a court order that usually refers to an individual that cannot repay the debts that it owes to creditors.

The state or condition of being unable to pay money owed, by a person or a company, on time. Those in a state of insolvency are referred to as insolvent.

Is a document that governs the relationship between the company and the outside. It is basically a statement that the subscribers wish to form a company, have agreed to become members, and in the case of a company which is to have a share capital, to take at least one share each.